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Mergers and Acquisitions (M&A), 2005.
This paper examines some of the key elements in the negotiations of mergers and acquisitions (M&A).
3,435 words (approx. 13.7 pages), 11 sources, APA, $ 97.95
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Abstract
This paper explains that mergers and acquisitions require a step-by-step process in order to be successful but, even then, the failure rate is astounding. The author points out that due diligence and in-house auditors must be used to make sure that the corporate cultures and compensation schemes of the target and acquirer companies are relatively close in structure or at least compatible because a failure to do so will torpedo the M&A at a very early stage. The paper relates that, from an international perspective, the acquirer must be aware of the target's national laws regarding taxation, work weeks and other human resources issues.
Table of Contents
Introduction
The Steps
Step 1: Goal Identification
Step 2: (If Sale) Packaging and Marketing
Step 3: If Acquisition Moving Forward, then Analysis and Structuring
Step 4: Negotiation
Step 5: Due Diligence
Step 6: Contract Negotiations
Step 7: Closing
Issues that Arise in M&A Negotiation
What Steps Make M&A Negotiations Successful
Differences in Negotiation in the U.S. and Abroad
Conclusion
From the Paper
"One such summary tool asks the involved executives to prepare a potential target list detailing companies, their contacts, history, products/markets, differentia versus competitors, funding and financials (including revenues and profits, if known), employees, sales structure and any notes or source-citation, plus details on the current relationship with their own company. The other primary work product at this stage is a company overview of each target candidate that matches these criteria - carefully describing each company in greater detail including all of the above elements, plus its founders/investors, a summary of its acquisitions-criteria fit and an explanation of why this company is appealing under the current circumstances, plus, of course, a SWOT analysis."
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Mergers & Acquisitions (M&A), 2001.
Discusses purpose, benefits and difficulties. Focus on 1997 merger of newsprint manufacturers Abitibi-Price & Stone Consolidated.
2,700 words (approx. 10.8 pages), 11 sources, $ 95.95
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From the Paper
"Mergers and acquisitions provide a way for companies to grow without having to invest in technology with which they are unfamiliar, products in which they have no experience, or markets in which they do not currently have a presence. During the 1980s, mergers and acquisitions provided quick cash to the purchasers as healthy companies were bought and then sold off for the revenue they could provide. In the 1990s, there was a shift away from this type of destructive merger strategy toward a strategy which built on the strengths of both organizations.
Bringing together two companies in the same industry can have its benefits. There are economies of scale which can be realized, and the combined company quickly gains considerably greater market share than either company could have built on its own in the same period ..."
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Mergers & Acquisitions (M&A) 1980s-1990s, 1996.
Aims, types (friendly vs. hostile), examples, financing, third-party, regulations, globalization, govt. intervention, impact on stocks.
1,800 words (approx. 7.2 pages), 6 sources, $ 63.95
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From the Paper
"Following a growth through acquisition strategy is not a new way for companies to increase their market presence. While open competition is one way for companies to gain market share and increase profit, eliminating competition through acquisition is a time-honored method for achieving the same goal. During the 1980s, mergers and acquisitions were characterized by companies "raiding" otherwise profitable organizations, then selling off the newly acquired company for ready cash. The result was an increase in profits to the acquiring company, but, in many cases, companies were unduly closed down, eliminating jobs and contributions to the economy. This research examines the mergers and acquisitions market, including past actions, current proposals, defenses that companies can mount to avoid hostile acquisition, and considers..."
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Mergers and Acquisitions, 2006.
This paper explains that, among the various ways to get business financing, mergers and acquisitions (M&A) have emerged in recent years as one of the most popular strategies for business growth.
1,600 words (approx. 6.4 pages), 8 sources, APA, $ 52.95
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Abstract
This paper states that a merge is recognized as a mutual decision between two companies to combine into a single legal entity; whereas, an acquisition is a purchase of a smaller company by a much larger one again resulting in one entity. The author points out that, if, in an M&A, especially in the technological area, the integrated firm has a larger knowledge base compared to the acquiring firm and if the acquired knowledge is not integrated quickly and functionally, then this situation can have a negative impact on the acquirer's innovative performance. The paper concludes that, with increased globalization, continued growth in cross-border M&As can be successful as long as the firms take into consideration the sensitive cultural and economic values involved. The paper includes two color graphs.
Table of Contents:
Introduction
Mergers and Acquisitions
The Rationale behind Mergers and Acquisitions
Post-M&A Performances of Technological and Non-Technological M&As
Cross-border M&As
Conclusion
From the Paper
"Taking as an example the utility industries in the USA and Europe, according to James Hendrickson, a partner in the utility industry group known as Adventure, M&A is seen as a vehicle to create value. It is one of the main strategies adopted by most utility companies to consolidate the balance sheet and enhance financial performance. Hendrickson has also remarked that this strategy is used to increase presence in selected markets and to reduce operating costs by taking possession of specific assets. The author points out that M&A is a valid strategy to improve the difference between the market price of electricity and its cost of production (spark spread) and to level the portfolio with the purpose of controlling the fluctuation of operating costs."
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Mergers and Acquisitions, 2006.
A look at mergers and acquisitions (M&A) as a competitive strategy that enterprises undertake for varying reasons.
900 words (approx. 3.6 pages), 0 sources, $ 35.95
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Abstract
This paper discusses mergers and acquisitions (M&A) and how they are financed. Particularly focus is paid to financing via stock swaps, cash and stock, and leveraged buyouts as well as hostile takeovers. The Sears-Kmart merger is used as an illustrative example of M&A activity while risk mitigation is included at the conclusion of the document. In the final analysis companies need to be prepared to walk away from a cross border merger or acquisition.
From the Paper
"From one perspective they are viewed as an excellent way to achieve growth and market share without extensive resources dedicated to organically growing the enterprise, while on the other hand they can also be viewed as a competitive strategy to remove a market threat (Mastracchio & Zunitch, 2002). In any event, M&A has come to be associated with a specific category of corporate finance and management that involves either merging two companies into one or in an outright purchase of another company. In either case, M&A requires extensive due diligence that involves extreme examination of the each company's accounting records and financial reports in an effort to avoid any liability concerns following the M&A activity."
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Mergers and Acquisitions, 2004.
A discussion of how seemingly sound mergers and acquisitions (M&A) strategies and financially lucrative deals can be unsuccessful if not properly handled.
2,210 words (approx. 8.8 pages), 10 sources, MLA, $ 68.95
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Abstract
This paper examines how, although many companies have experienced enormous success in the arena of mergers and acquisitions (M&A), recent empirical studies suggest that, throughout the past three decades, the majority of M&A deals did not deliver what was expected, nor did the companies involved do as well as peer companies that steered clear of M&A. It explores why M&A deals go awry by looking at how performance measures might be used to judge the effectiveness of mergers and takeovers.
From the Paper
"A recent study by the Boston Consulting Group (BCG) tracked companies' performance over a 10-year period from 1992 to 2002 (Hahn, 2004). The results showed that M&As are frequently successful in the long run, despite research that says that they are more likely to fail. The consulting group even lists Time Warner among the successful companies, even though the company's stock plummeted after merging with America Online Inc. and the company a nearly $50 billion write-down on the deal in 2003. Over the 10-year period of the study, however, BCG calculates that Time Warner had an annualized total return to shareholders of 68.8 percent."
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Mergers and Acquisitions, 2006.
A look at the process of mergers and acquisitions (M&As) in the business world.
958 words (approx. 3.8 pages), 2 sources, MLA, $ 34.95
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Abstract
This paper explains the sensitive issue of mergers and acquisitions and states that they are on the increase as the business world globalizes. The paper examines the importance of good managerial and leaderships skills to make a M&A successful and points out that only with these skills will the transfer be smooth. The writer also looks at the issue of cultural clashes that can occur in a multi-national M&A.
From the Paper
"A "merger" or "merger of equals" is often financed by an all stock deal (a stock swap). An all stock deal occurs when all of the owners of the outstanding stock of either company get the same amount (in value) of stock in the new combined company. The terms "spin-off" or "spin-out" are sometimes used to indicate the effective opposite of a merger, where one company splits into two, the second often being a separately listed stock company if the parent was a stock company. Merger is a legal process and one or more of the companies lose their identity. An acquisition (of un-equals, one large buying one small) can involve a cash and debt combination, or just cash, or a combination of cash and stock of the purchasing entity, or just stock. The Sears-Kmart acquisition is an example of a cash deal. In addition, the acquisition can take the form of a purchase of the stock or other equity interests of the target entity, or the acquisition of all or substantially of its assets (Wikipedia, 2006)."
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Mergers and Acquisitions, 2002.
This paper discusses mergers and acquisitions (M&A) as practiced in the international publishing industry.
1,955 words (approx. 7.8 pages), 7 sources, MLA, $ 62.95
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Abstract
The paper discusses that the current M&A flurry eases the pain of the declining market and that newer publishing companies are looking for a buyout instead of long term profitability. This paper describes the structure of the international publishing industry, especially the multi-national media conglomerate giant Bertelsmann, which now owns such companies as Doubleday and Random House. The author is concerned that ,with just six major companies in the media field, we are facing the prospect of living in the information age, where all that information will be controlled by very few people who feel that only the bottom line is important.
From the Paper
"The fact is that in 1836 the Bertelsmann family ventured into the world of publishing because they didn't feel there were enough bibles available in Germany. This proved to be a profitable venture and Bertelsmann gradually grew over the next century and a half until they became the biggest trade book publisher in Germany. As Bertelsmann progressed, they also began adding print and broadcast media to their portfolio, ultimately making them one of the top (now number three) media conglomerates in the world. Then over the last five years, they really stepped things up. Being cash rich and debt-free, they began to take advantage of others in the industry -- who operating at a marginal level were hit hard when the world economy slowed and sales dropped. They acquired Doubleday, which includes Delacorte and Dell, and merged it with Bantam, a previous acquisition. They did make the front pages in 1998 when they purchased Random House, the largest and most prestigious trade book publisher in the U.S.."
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Mergers and Acquisitions, 2004.
A study value impact of post-integration activities from mergers and acquisitions.
20,780 words (approx. 83.1 pages), 49 sources, MLA, $ 249.95
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Abstract
This paper examines the factors leading to a successful merger or acquisition by emphasizing the importance of securing post-merger revenue streams. It aims to develop sound strategies for growth through mergers and acquisitions (M&A), methods to optimize the process, and most importantly, how to achieve synergy and value creation through business integration that results in enhanced shareholders value and sustainable economic growth. It concludes by providing recommendations on how to successfully deal with the many aspects pertaining to the M&A process and presents the author?s view on future developments that could have a significant bearing on value creation for shareholders and other stakeholders through M&A.
Outline
Abstract
Chapter 1 Introduction
Statement of the Problem
Purpose of the Study
Importance of the Study
Scope of the Study
Rationale of the Study
Overview of the Study
Chapter 2 Literature Review
Drivers and Motives for Mergers and Acquisitions
Phases of M&A
Reasons Why Value is Destroyed
Case Studies
Summary
Chapter 3 Methodology
Approach
Data Gathering Method
Summary
Chapter 4 Data Analysis
Case Study
Measuring Performance
Adding Value to M&A
Measuring Risk
Mergers & Acquisitions vs. Value Chain Improvement
M&A Case Study: Maximizing Shareholder Value
Keys to Succeeding in M&A
The Importance of Leadership in M&A
Lack of Attention to Leadership in M&A Literature
How Leadership is Addressed in Existing M&A Literature
A Model of Leadership Applied to M&A
Value Driver Analysis
Securing Stakeholder Support
Chapter 5 Summary, Recommendations and Conclusions
Creating Shareholder Value With M&A
Achieving Value Creation and Synergies
Recommendations
Conclusion
Bibliography
From the Paper
"A recent study shows that the majority of the M&As were initiated to expand the market. Other motives included diversification, technology acquisition, and vertical integration. In addition, M&As for technology-acquiring purposes were associated with the highest abnormal returns, while vertical M&As were least favored by the market, ending up destroying shareholder wealth. The results make sense because acquiring advanced technology enhances a firm?s competitiveness, leading to greater firm value. In fact, high-tech industries have been serving as the main driving force behind Taiwanese economic development over the past several years. M&As provide Taiwanese corporations with a faster and more cost efficient way of acquiring highly advanced technology that would otherwise required a longer length of time and more expenditures to develop in-house."
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Mergers and Acquisitions, 2007.
This paper looks at the subject of mergers and acquisitions within the health care industry.
757 words (approx. 3.0 pages), 3 sources, MLA, $ 26.95
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Abstract
In this essay, the writer maintains that as the human race has evolved, as with so many other things, health care has become increasingly complex and expensive, becoming a multi-trillion dollar industry worldwide. In fact, the the writer points out that the use of the term "industry" to describe health care itself leads to the topic of this research; namely, the impact that mergers and acquisitions have in health care from a variety of points of view. By using specific examples, this paper discusses these multiple impacts in an effort to better understand what mergers and acquisitions mean to health care organizations, services, workers, and patients alike. The writer concludes that perhaps the most important thought to take away from this research is that health care organizations, while having to be profit conscious as a matter of necessity, must not forget the human element of what they are doing to avoid catastrophe.
Outline:
Abstract
Impact of Mergers and Acquisitions on the Organizations Involved
Impact of Mergers and Acquisitions on the Delivery of Health Care Services
Impact of Mergers and Acquisitions on the Health Care Workforce
Impact of Mergers and Acquisitions on the Patients
Conclusion
From the Paper
"To begin, it should be understood that health care has become an industry in and of itself because of several factors, such as the boom in population which leads to more people needing medical services, the proliferation of new diseases which emerge many times because of environmental factors, and a general increase in the standard of living in many nations which makes health care available to more paying patients. All of these factors have turned health organizations into businesses, and like all businesses, mergers and acquisitions are commonplace. What this means to the organizations, as an example, is a disappearance of small, regional health care organizations in favor of large conglomerates so to speak, making the profit/loss factors, rather than quality of care, patient relations, and the interest of the workers a priority."
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Mergers and Acquisitions, 2007.
Presents an overview of mergers and acquisitions, looking at what they are, their advantages and disadvantages and why they take place.
870 words (approx. 3.5 pages), 3 sources, MLA, $ 30.95
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Abstract
The paper defines mergers and acquisitions and their benefits and costs. The paper examines reasons behind these transactions and the advantage of using cash as opposed to stock as the currency for the acquisition. The paper details the financial risks of merging with or acquiring an organization in another country and explores how those risks could be mitigated.
Outline:
What Are Mergers? What Are Acquisitions?
Benefits and Costs of Mergers and Acquisitions
"Sensible" and "Dubious" reasons for Mergers and Acquisitions
Financing: Cash versus Stock
Financial Risks of Merging With or Acquiring an Organization in Another Country
From the Paper
"When one company takes over another company and clearly established itself as the new owner of the larger entity, this is called an acquisition. The swallowed-up entity has officially and legally ceased to exist. During an official merger, both companies' stocks are surrendered and new company stock is issued to shareholders, although quite often, rather than a merger of equals, one company dominates the other company during and after the merger."
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Mergers and Acquisitions, 2007.
An analysis of the benefits and risks associated with international mergers and acquisitions.
1,198 words (approx. 4.8 pages), 3 sources, MLA, $ 41.95
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Abstract
This paper assess the impact of mergers and acquisitions on businesses, including "sensible" and "dubious" reasons for, and benefits and costs of, cash and stock transactions. The paper includes an examination of the financial risks of merging with or acquiring an organization in another country. It then discusses how the risks associated with merging can be mitigated.
Table of Contents:
Abstract
Mergers and Acquisitions
Reasons for Mergers and Acquisitions
Benefits and Costs
Financials Risks and Mitigating the Risks
Conclusion
From the Paper
"The costs associated with mergers and acquisitions lies with the risk of failure. Failed mergers and acquisitions occur when managers are unable to combine critical processing functions of the two companies. Mergers and acquisitions will result in unforeseen costs if the company does not properly estimate the cost of inventory and equipment. Additional costs occur when companies underestimate the costs of renovation expenses."
"Sometimes companies with few prospects for investments but with a surplus of cash, look to mergers as a way to deploy or invest the excess cash. Whether mergers or acquisitions occur vertically, horizontally or as a conglomerate, the potential benefits include expansion of sales territory and customers, combining complementary resources, improving synergies via shared operational efficiency and enhanced profitability to the organization and shareholders."
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Mergers and Acquisitions, 2007.
An analysis of the benefits of mergers and acquisitions and their possible reasons for failure.
767 words (approx. 3.1 pages), 6 sources, MLA, $ 27.95
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Abstract
This paper discusses mergers and acquisitions. It covers the possible benefits of mergers and acquisitions and the factors that lead to success. It then details reasons why so many mergers and acquisitions fail to meet their objectives, including improper motivations, incorrectly estimating value, financing, integration and cross-border complexity.
From the Paper
"Structuring of a cross-border acquisition or combination involves all of the issues discussed in this paper plus it poses additional risks. There are two sets of laws and regulations, two sets of tax and accounting rules, two very diverse cultures, two political systems, and in some cases two securities markets (Ruegger). A cross-border merger or acquisition might also involve other financial issues such as raising funds in one market for investment in another, changes in the exchange rate and different accounting standards. The winners in cross-border mergers understand the differences in corporate specifics and learn how to capitalize on its corporate diversity (Strebel, 2002). This will require building mutual trust and taking advantage of the best practice on both sides."
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Merger and Acquisitions, 2005.
This paper is a complete research project that, based on the integrative model, analyzed merger and acquisition (M&A)s including human resource management (HRM).
9,990 words (approx. 40.0 pages), 125 sources, APA, $ 202.95
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Abstract
This paper explains that the purpose of this study is (1) to develop and test the integrative model that synthesizes theoretical perspectives on the strategic combination, organizational integration, resource management (HRM) and financial performance components of merger and acquisitions (M&As) and (2) to examine the mechanisms through which several critical characteristics of an acquisition affect its performance. The author describes in detail the reasons for selecting the case methodology instead of a questionnaire and for using the qualitative methods. The paper relates that this research provides new insight on the effects of relative size on acquisition performance by suggesting that bigger acquisitions do better because they offer greater synergy potential, not because managers pay more attention to the integration process when targets are large as suggested in past research. Tables.
Table of Contents
Introduction
Problem Statement
Purpose of the Study
Rationale of the Study
Scope and Objectives
Summary
Literature Review
Combination Potential
Organizational Integration
Employee Resistance
Interrelationships among Antecedents of M&A Performance
Management Style Similarity
Cross-border Combination
Relative Size
Methodology
Sample
Measures
Reliability and Validity of the Data
Data Analysis
Results
Findings
Discussion
Analysis
Future Implications
Summary
Conclusion
Summary
Recommendations
From the Paper
"Organizational and HRM researchers have pointed out that strategic combination potentials are not automatically realized, and that the extent of synergy realization depends on how the new organization is managed after the M&A deal is closed (Datta 1998, Hunt 2004, Schweiger et al. 2001). Organizational integration, defined as the degree of interaction and coordination between the two firms involved in a merger or acquisition, is commonly cited as an important consideration in the M&A process (Buono and Bowditch 2004, Pablo 1998, Shrivastava 2004, Yunker 2003). Indeed, numerous typologies of organizational integration processes have been suggested in the literature, each distinguishing between high and low degrees of integration (e.g., Haspeslagh and Jemison 1998, Hunt 2004, Napier 2004). The degree of integration has also been used as a moderator of the organizational fit/M&A performance relationship by Datta (1998), who found it to be non-significant in his study."
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Mergers and Acquisitions: A Risk Assessment, 2008.
This paper discusses the impact of mergers and acquisitions on business, providing a cost analysis on merging and acquiring an international organization.
1,000 words (approx. 4.0 pages), 4 sources, APA, $ 35.95
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Abstract
This paper assesses the impact mergers and acquisitions have on business, including sensible and dubious reasons an enterprise may have for engaging in such a relationship. The paper also analyzes the benefits and costs of mergers and acquisitions and the financial risks associated with merging or acquiring an organization in another country. Furthermore, the paper makes an assertion that communication and understanding lie at the key to every firm's success.
Outline:
Introduction
Sensible and Dubious Reasons for M&A
Benefits and Costs of M&A
Cash and Stock Transactions
M&A Abroad: Risks and Risk Management
Conclusions and Analysis
From the Paper
"Shareholders can realize significant opportunities through mergers when they create greater value and improve an organization's ability to grow and produce greater revenues (Galpin & Herndon, p. 1). Ideally an acquisition is initiated to improve cash flow from operating the target firm as the two firms merge together (Stevn, 2005). Cash flow increases when a company buys a target firm or mergers with them when both companies agree the value of the two companies combined will result in higher revenues and shareholder value than if they two companies worked independent of each other (Stevn, 2005; Galpin & Herndon, 2000)."
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